New Technology Era in the Gambling Industry

It is hard to not thank technological advancements in our daily lives. From smartphones to online networking platforms – technology is everywhere around you. It single-handedly has been making things easier for mankind for decades. The gambling industry welcomed and embraced its gifts long ago. Even now we are mesmerized by what technology is bringing to this community. Learn more about the newer trends of technology in the gambling industry by taking a look below.

Cryptocurrencies

Since the inception of Bitcoin in 2009, cryptocurrencies have been thriving for a long time. In 2017, it reached its peak by being $19,783 per bitcoin and attained a market value of over billions. With time, multiple legal and governmental authorities are getting used to this new era of digital money. It is predicted that cryptocurrencies will become a legitimate form of alternative currencies.

The gambling industry has already entered the future by incorporating cryptocurrencies into its list of authorized payment methods. Many sports betting operators have embraced this change and provided their players with the conveniences of one or more cryptocurrencies. Because of this inclusion, the gamblers can benefit from faster transactions, anonymity and almost zero processing fees. That is why the players are more likely to join a platforms where cryptocurrencies are available.

Virtual Reality

Augmented reality used to be a thing of fantasy just a decade ago. But with the introduction of Oculus Rift in 2010, it all changed pretty fast. Now virtual reality has a huge demand and global fan-following. It is reaching every country around the planet bringing realistic 360-degree experience and 100% engagement to the players. To meet such overpouring demand, tech companies are releasing a wide range of VR devices. In the case of online gambling as well, VR is predicted to have a heavy impact. VR is anticipated to slowly take over the traditional online casino games and provide the players to hyper-realistic graphics.

Data Collection

Online platforms have access to a plethora of user data. This huge volume of information comes from credit cards, online registration, tracking games and smartphone apps. Using the data centred around the gaming behaviours of these individuals, an online betting platform can come up with more effective marketing campaigns. They will know exactly what the players like and build their entire bonus campaigns around those statistics. Following such a mathematical method will increase the possibilities of success.

Facial Recognition

This is another technology which seemed pretty far-fetched a while ago. However, now you can experience it from a wide range of smartphones through just a button! This technology has proved to be quite path-breaking in the case of online gambling as well.

Since the gambling industry is all about winning, losing and managing money, criminal activities can easily become a vulnerable point in its infrastructure. Hackers, black marketers and other cybercriminals can use it to their advantage. But now with the presence of facial recognition technology, the gambling brands can combat those culprits. It can easily point out the scammers to prevent loss of money for the original player. A player only has to provide a clear digital photograph of his face.

Higher Reliability

By incorporating more and more technological advancements into the gambling industry, we are slowly eliminating the dangers of human errors. The technologies follow a well-crafted logical algorithm where emotions or negligence is never a variable. This brings down the possibility of errors to almost zero and thus the players can experience much more flawless gameplay. It also ensures better financial security through digitally supervising deposits and withdrawals. Besides, such a system can effectively prevent money laundering.

Encryption

Another reason behind the increased reliability of betting business nowadays is encryption technology. This tech with a 128-bit password keeps the players’ personal and financial data safe from the clutches of widespread cybercrime networks. The length of that encryption password is gradually increasing with time in order to build a stronger wall of security around the players’ data.

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